As the overall positive momentum (post-election) continues
in India, week 22 saw cash buyers continuing to bet on a sustained market
buoyancy and upward trend, offering levels well above break even, hoping that
by the time the vessels arrive Alang anchorage, prices would have risen
sufficiently enough to where today’s seemingly unattainable prices become
tomorrow’s reality.
As such, industry players witnessed yet another active week
from India as Alang buyers’ took home all of the market (and private) tonnages
being negotiated.
Turkish owned 7,142 LDT general cargo vessel fetched an
impressive USD 496 per LT. The right size (meaning large number of local buyers
interested to offer) and decent trading history played their parts in achieving
the level on show.
Additionally, Chinese owned 7,370 LDT general cargo vessel
YUAN HENG with decent cargos was committed at USD 485 per LT NETT to owners +
inward clearance on Buyers account, a breakeven price approaching USD 490 per
LT.
As prices continue to surge ahead of competing neighbors and
monsoon clouds loom on the horizon, it remains to be seen just how much longer
local sentiment remains this eager and local buyers remain motivated to keep
prices elevated well above the competition.
Source: steel guru. 5 June
2014
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